African heads of state and delegates attend the opening of the 38th Ordinary Session of the Heads of State and Government of the African Union at the African Union Commission (AUC) headquarters in Addis Ababa, Ethiopia, February 15, 2025. REUTERS/Tiksa Negeri/File Photo Purchase Licensing Rights, opens new tab
ADDIS ABABA, Feb 18 (Reuters) – African leaders have approved the establishment of a continental financial stability fund, the African Development Bank (AfDB) said, a move designed to stave off potential debt crises on the continent before they take hold.
The facility, known as The African Financial Stability Mechanism (AFSM), will get its own credit rating to allow it to borrow on international capital markets, the AfDB, which will host the mechanism, said in a statement seen by Reuters on Tuesday.
